CHF/JPY 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Strength of the Swiss Franc has been a major concern for the SNB. Nevertheless, due to its safe-haven appeal and significant depreciation of the Japanese Yen, the CHF/JPY pair hit its historically highest level on December 27. After that the pair began a sideways movement, and according to technical indicators, the pair will continue its fluctuation even in a longer term. Nevertheless, the pair can be highly volatile soon, as recently bears made an attempt to penetrate pattern's support line, while 71% of opened positions is short. In case the lower boundary is breached, short traders should focus on a recent low, weekly S1 and daily S2 at 115.11.
© Dukascopy Bank SA
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Fri, 11 Apr 2014 14:21:08 GMT

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